The total market capitalization of the cryptocurrency market surpassed $1.55 trillion on December 5th, with Bitcoin and Ether experiencing significant weekly gains of 14.5% and 11% respectively. Bitcoin's market capitalization surpassed that of Meta, making it the world's ninth-largest tradable asset. Despite the recent bullish momentum, retail demand for cryptocurrencies remains relatively stagnant, with some attributing this to an inflationary environment and decreased interest in credit. The premium of USD Tether (USDT) in China serves as a valuable gauge of retail demand in the crypto market, as there is no dependable indicator to track retail participation in cryptocurrencies. The influx of retail participants in the current cycle remains uncertain, with existing traders potentially migrating from offshore exchanges to Coinbase rather than new enthusiasts entering the market.
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